Energy Efficient Building in Golden Sells for $30.5M
Signature Centre, a five-story Class A office building located at 14143 Denver West Parkway in Golden, has sold to Vista Investment Group for $30.475 million, marking the Los Angeles-based real estate investment firm’s entry into Colorado. Vista plans to pursue increasingly larger, core-plus, value-add and distressed opportunities throughout the Western states with a particular emphasis in Colorado.
Built in 2007, the 185,743-square-foot building serves as the Global headquarters for CoorsTek, Inc., the world’s leading manufacturer of technical ceramics, and is one of only seven LEED Platinum Core & Shell certified buildings in Colorado and one of the most energy efficient buildings in the state. Features include passive solar design and airflow systems, hydronic heating and cooling and 100 percent raised flooring. Onsite building amenities include a 2,400-square-foot fitness center with showers and lockers, balconies and an on-site deli. A three-level underground garage and surface parking lot offer a parking ratio of 3.7 per spaces per 1,000 square-feet of office space, a rarity for suburban office buildings.
While Vista invests in both urban infill and suburban markets, they were particularly drawn to the attractive risk/reward fundamentals of this suburban office market in West Denver, according to Vista President Jonathan Barach.
“Signature Centre is a stabilized, high-yielding office property, with a blue-chip tenant base in one of the strongest submarkets in Denver,” said Barach. “We were able to secure the asset at an attractive cap rate and at a price substantially below replacement cost. We will buy as many of these deal profiles as there are opportunities to do so.”
Vista currently manages a $1 billion commercial real estate portfolio that includes 2,000 multifamily units and nearly two million square feet of office space in California, Oregon and Washington.
Tim Richey, Charley Will, Mike Winn, Chad Flynn, and Jenny Knowlton from CBRE’s Denver office represented the seller in the transaction.
Photo courtesy of Vista Investment Group